“Pereview gives us faster and better insight into our portfolio. With their robust reporting capabilities and customizable integrations across all of our data sources, we’re able to further enhance our real estate investment and asset management prowess and continue to focus on creating value for our investors.”
– Marcus Duley, Senior VP of Portfolio Management at LEM Capital
Faster, Accurate, Insightful Real Rstate Reporting – At the Push of a Button
Technology is constantly evolving and getting faster and – hopefully – contributing to one’s quality of life in and out of the office.
Take your phone’s calculator app, for example. Today it’s an everyday, trustworthy technology tool that you probably take for granted. But that wasn’t always the case.
Calculator technology advanced in fits and starts from the abacus (2500 B.C.), to the first mechanical calculator (1642), to Curt Herzstark’s first-of-its-kind, handheld version (1945). It wasn’t until the 1970s that Texas Instruments began mass producing calculators. (My 81-year-old father is a CPA and still swears that the TI-58 was the best of the best.) And now we’ve all but replaced expensive digital calculators with smartphones and tablets.
Calculators have not only greatly enhanced our ability to perform the regular computations that are involved in everyday life but, provided us with an opportunity to understand mathematics on a greater scale than ever imagined. Calculations that were previously cumbersome and time-consuming can now be done in minutes or even seconds, all at the push of a few buttons.
Push-button solutions to formerly tedious, time-consuming tasks? That got me thinking about real estate reporting; it got me thinking about Pereview Software.
In a recent conversation with a Pereview customer – a real estate investment management firm with $2B in AUM – the CFO was remembering how leveraging existing portfolio data used to be a very ad-hoc manual, time consuming process. He cited this example: “When we’d have a potential acquisition or some event in any asset class, we’d have to say ‘OK, what can we expect? What have we seen typically in our own portfolio?’ And then we’d have to start diving into Excel spreadsheets and PDFs and extrapolating data. It was just a lot of manual work.”
Even if it was a monthly or quarterly repeatable report, the processes and resources devoted to generating the report had to be repeated, repeated, and repeated. Heaven forbid there’d be an opportunistic acquisition of an asset class not previously owned or invested in – as the CFO would say, “we’d have to recreate the wheel all over again.”
To solve this issue, real estate firms typically throw bodies at the problem without concern for the rising costs associated with salaries, benefits, and other associated expenses. But that’s just to solve the bandwidth issue. This setup can lead to data flow and organizational issues as well. For instance, Operating Partners submitting monthly data (property level rent rolls, financials, supporting documentation/commentary) create the need for cutting and pasting from a series of disparate Excel files and PDFs. This is a data flow nightmare that most firms have reluctantly learned to live with – a modern-day throwback to the abacus.
Pereview offers those firms a calculator.
Our users save up to 90 percent of time spent on quarterly reports, management reports, and ad-hoc queries by having one place to get all their data. That’s aggregated and governed property level data, portfolio and fund data, historical data and information, and more. Customers get this unprecedented data access in addition to the ability to filter, split, cut, slice, and dice that data to extract even more insight – including future-focused and predictive analytics.
Dashboards and reports are available out-of-the-box, and they can also be tailored to meet your specific needs. This allows you to report on your assets the way you have strategically done so by having Pereview adapt to you and your core processes versus forcing you to change.
There’s simply nothing better than hearing a Pereview customer tell me that our platform is making their firm better; to know that we’ve traded their abacus for a calculator.
By Daryl Pitts, Senior Vice President of Global Sales